THQ Seeks Reverse Stock Split, Names New President

THQ, the Agoura Hills-based game publisher and developer, says it will hold a stockholders meeting to vote on the possibility of a reverse stock split, according to a story from the Ventura County Star.

The meeting is scheduled for 11:30 a.m. June 29 at the Westlake Hyatt, said the Star.

The company has also named Jason Rubin as president effective immediately, said the report. Rubin will handle product development, marketing and publishing and report to Chairman and CEO Brian Farrell, reports the Star.

Jason Kay has been named chief strategy officer, said the Star.

Trading on Nasdaq, the company reports 68.5 million shares of common stock outstanding as of May 21, said the Star.

The game maker said it wanted to do the reverse stock split to try to increase the share price to help it regain compliance with the Nasdaq, according to the story. The stock exchange in January put the company on notice of a potential delisting because its share price dropped below the exchange's required minimum bid price of $1 per share for a period of time, the Star reports.

The reverse stock split could reduce total shares of outstanding common stock and increase the share price, which could then attract interest in the higher-priced stock, the company told the Star.

THQ said it expects the stock split to take place, if approved, by July 5, and the company has until July 23 to get its share prices above the minimum for at least 10 consecutive business days to regain compliance, said the report.

THQ shares closed at 58 cents Tuesday, down 3 cents.

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